News

Colony wants to take a bet on Italy

THE private-equity group Colony Capital is plotting a bid for Snai, Italy’s biggest racetrack and sports-betting manager, in a deal that could be worth nearly €1 billion (£680m).

Early talks have been held between Colony and Snai’s management, according to sources close to the situation.

It is thought that UK betting giants William Hill and Lad-brokes, which already own some betting licences in Italy, could also enter into a bidding war for Snai. Fortress, the American investment house, is also considered a likely bidder.

It is estimated that Snai hasa 51% market share of Italy’s burgeoning sports-betting market, including a 69% share in horse betting.

A recent change in the law in Italy has opened up the sports-betting market. Analysts are expecting €1.6 billion of additional wagers to be placed in Italy over the next two years  more than 50% growth on last year’s levels.